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The battle for Chiquita Brands, the American banana producer, is over after it accepted a $682 million takeover offer from a Brazilian consortium.

Cutrale and Safra Group will pay Chiquita investors $14.50 a share to take the company private and will assume Chiquita’s debt in a deal that has a total value of $1.3 billion.

The decision brings to an end a hard-fought three-month battle between the Brazilian consortium and the Dublin-based Fyffes, which wanted to merge with Chiquita and create the world’s largest banana supplier.

However, Fyffes’ hopes were dashed on Friday when investors in Chiquita voted against that